Egypt economy is the second largest economy in Africa

The biggest news in the African Economy arena this week was how Egypt’s economy surpassed its South African counterpart to become the second largest economy in Africa after Nigeria, according to Business Directory.

The news was announced by the International Monetary Fund (IMF) in its World Economic Outlook Report that was released in April.

South Africa is facing an economic crisis, foreign investment is declining due to concerns about corruption within the administration. The South African currency, the Rand, was subjected to depreciation reaching more than 50% between 2012 and 2015.

This happened while the Central Bank of Egypt has struggled to keep the Egyptian pound under strict control.

Economists commented that both Nigeria and Egypt have very large population growth (173 million and 82 million respectively) and this is expected to reflect on large economic growth.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s